Trump bank accounts were closed due to concerns over possible money laundering, Capital One says
Summarized and contextualized by DistantNews.
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- Capital One disclosed in a court filing that it closed Donald Trump's bank accounts in 2021 due to financial activity resembling money laundering.
- The bank stated the closures followed a thorough analysis by its anti-money laundering team, adhering to policies and regulatory guidance.
- Trump's legal team claims the accounts were closed for political reasons, a sentiment echoed by conservatives who allege banks debank political allies.
Capital One has revealed that it closed bank accounts belonging to Donald Trump in 2021, citing financial activity that exhibited characteristics of money laundering. The bank disclosed this information in a court filing as part of its effort to dismiss a lawsuit filed by one of Trump's financial holding companies.
Trump's company alleges that Capital One illegally closed his accounts for political reasons, particularly after the January 6th attack on the U.S. Capitol. The bank, however, asserts that the closures were the result of a comprehensive analysis and careful review by its anti-money laundering (AML) team, conducted in line with bank policies and regulatory requirements.
The closures were the result of months of analysis and a careful review by Capital One's AML team in accordance with bank policies and regulatory guidance.
This legal battle is connected to a broader lawsuit where Trump is suing Capital One and JPMorgan Chase for allegedly
Capital One, along with other major banks, de-banked President Trump, his family, and his businesses for blatantly political reasons.
DistantNews Editorial
Originally published by PBS NewsHour. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.
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